JLL Capital Markets said Thursday it closed the sale of The Offices at Bedminster, a two-building, Class A, institutionally-maintained office complex totaling 194,000 square feet in Bedminster.
The JLL Industrial Capital Markets team representing the seller, New York Life Real Estate Investors and its client, was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Michael Oliver and Steve Simonelli and Director J.B. Bruno. An affiliate of Northeast Capital Group, which is based in Ramapo, N.Y., purchased the asset.
Situated on nearly 16 acres at 500 and 550 Hills Drive, the Somerset County property is near the intersection of Interstates 78 and 287. The complex is also along Route 202/206 at the entrance to the sprawling Hills residential development, and across from a Kings-anchored shopping center.
The Offices at Bedminster recently underwent a multi-million-dollar renovation that included upgrades to common areas, a new fitness center and lobby area. The 550 building is LEED-certified and has a WiredScore Platinum certification, while the 500 building is ENERGY STAR certified.
The complex, built in 1988 and 1989, is currently 86 percent leased and anchor tenants Peapack Gladstone Bank and Aerie Pharmaceuticals.
“Despite these very challenging economic times, we are seeing buyers make long-term investment decisions on office assets in the northern and central New Jersey market,” said Cruz. “The quality, location and strong tenant base of the asset were the main reasons for the high level of interest in The Offices at Bedminster.”